-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AaDd168Gc/OkgFpVpzGnemvupLVyHhgMwg/etkZ+nr8HH3mequEeFtnU66gm+/dd JdPouecTmlD3B+Rro+EWGQ== 0000855433-98-000001.txt : 19980518 0000855433-98-000001.hdr.sgml : 19980518 ACCESSION NUMBER: 0000855433-98-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: BHC COMMUNICATIONS INC CENTRAL INDEX KEY: 0000855433 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 592104168 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10342 FILM NUMBER: 98623554 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE 46TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2124210200 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 46TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 10-Q 1 Page 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 ---------------------------------- OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10342 ------------------------------- BHC COMMUNICATIONS, INC. ------------------------ (Exact name of Registrant as specified in its charter) Delaware 59-2104168 - ------------------------------ -------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 767 Fifth Avenue, New York, New York 10153 - ------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 421-0200 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No -------- -------- As of April 30, 1998 there were 4,545,505 shares of the issuer's Class A Common Stock outstanding and 18,000,000 shares of the issuer's Class B Common Stock outstanding. Page 2 PART I -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BHC COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars) (UNAUDITED) -------------------------------------
March 31, December 31, 1998 1997 ------------ ------------ ASSETS - ------ CURRENT ASSETS: Cash and cash equivalents $ 231,344 $ 282,504 Marketable securities (substantially all U.S. Government securities) 1,152,515 1,204,776 Accounts receivable, net 70,214 86,198 Film contract rights 70,993 95,859 Prepaid expenses and other current assets 37,984 44,533 ------------ ------------ Total current assets 1,563,050 1,713,870 ------------ ------------ INVESTMENTS 50,133 47,594 ------------ ------------ FILM CONTRACT RIGHTS, less current portion 24,884 26,118 ------------ ------------ PROPERTY AND EQUIPMENT, net 46,628 45,180 ------------ ------------ INTANGIBLE ASSETS 378,845 303,827 ------------ ------------ OTHER ASSETS 6,331 5,899 ------------ ------------ $ 2,069,871 $ 2,142,488 ============ ============ The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
Page 3 BHC COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars) (UNAUDITED) -------------------------------------
March 31, December 31, 1998 1997 ------------ ------------ LIABILITIES AND SHAREHOLDERS' INVESTMENT - ---------------------------------------- CURRENT LIABILITIES: Film contracts payable within one year $ 87,039 $ 98,033 Accounts payable and accrued expenses 78,025 87,768 Income taxes payable 33,112 28,129 ----------- ------------ Total current liabilities 198,176 213,930 ----------- ------------ FILM CONTRACTS PAYABLE AFTER ONE YEAR 61,110 70,934 ----------- ------------ OTHER LIABILITIES 16,000 17,197 ----------- ------------ MINORITY INTEREST 114,334 115,473 ----------- ------------ SHAREHOLDERS' INVESTMENT: Class A common stock - par value $.01 per share; authorized 200,000,000 shares; outstanding 5,026,108 shares 50 50 Class B common stock - par value $.01 per share; authorized 200,000,000 shares; outstanding 18,000,000 shares 180 180 Retained earnings 1,704,215 1,723,402 Treasury stock, at cost (41,328) (6,627) Increase to reflect marketable securities at fair value 17,134 7,949 ------------ ------------ 1,680,251 1,724,954 ------------ ------------ $ 2,069,871 $ 2,142,488 ============ ============ The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
Page 4 BHC COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands of dollars except per share data) (UNAUDITED) -----------------------------------------------
Three Months Ended March 31, -------------------- 1998 1997 --------- --------- OPERATING REVENUES $ 99,575 $ 101,118 --------- --------- OPERATING EXPENSES: Television expenses 51,139 50,971 Selling, general and administrative 35,049 32,655 --------- --------- 86,188 83,626 --------- --------- Operating income 13,387 17,492 --------- --------- OTHER INCOME (EXPENSE): Interest and other income 20,054 20,008 Equity in United Paramount Network loss (19,910) (17,898) Gain on change of ownership in United Paramount Network - 152,224 --------- --------- 144 154,334 --------- --------- Income before income taxes and minority interest 13,531 171,826 INCOME TAX PROVISION 4,900 68,700 --------- --------- Income before minority interest 8,631 103,126 MINORITY INTEREST (2,633) (3,636) --------- --------- Net income $ 5,998 $ 99,490 ========= ========= Earnings per share: Basic $ .26 $ 4.21 ========= ========= Diluted $ .26 $ 4.20 ========= =========
The accompanying notes to condensed consolidated financial statements are an integral part of these statements. Page 5 BHC COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (UNAUDITED) -----------------------------------------------
Three Months Ended March 31, ------------------------ 1998 1997 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,998 $ 99,490 Adjustments to reconcile net income to net cash provided from operating activities: Film contract payments (25,320) (23,151) Film contract amortization 21,010 24,574 Prepaid broadcast rights - 17,051 Depreciation and other amortization 5,299 4,819 Equity in United Paramount Network loss 19,910 17,898 Gain on change of ownership in United Paramount Network - (152,224) Minority interest 2,633 3,636 Other (1,088) 793 Changes in assets and liabilities: Accounts receivable 15,984 13,386 Other assets 1,209 (2,853) Accounts payable and other liabilities (1,993) (4,054) Income taxes 3,486 62,622 ----------- ----------- Net cash provided from operating activities 47,128 61,987 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Station acquisition (includes $77,712 of intangibles) (80,280) - Distribution from United Paramount Network - 116,261 Disposition (purchase) of marketable securities, net 68,825 (31,307) Investment in United Paramount Network (22,300) (2,850) Other investments (627) (3,382) Capital expenditures, net (1,485) (1,422) Other (4) (30) ----------- ----------- Net cash (used in) provided from investing activities (35,871) 77,270 ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Payment of special dividend (22,738) (23,599) Purchases of treasury stock (34,678) (16,047) Capital transactions of subsidiary (5,001) (654) ----------- ----------- Net cash used in financing activities (62,417) (40,300) ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (51,160) 98,957 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 282,504 146,751 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 231,344 $ 245,708 =========== =========== The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
Page 6 BHC COMMUNICATIONS, INC. ------------------------ NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ----------------------------------------------------- 1. PRINCIPLES OF CONSOLIDATION: The accompanying condensed consolidated financial statements include the accounts of BHC Communications, Inc. and its subsidiaries. BHC, a majority owned (79.5% at March 31, 1998) subsidiary of Chris- Craft Industries, Inc., operates nine television stations, three wholly owned and six owned by United Television, Inc. (UTV), 58.7% owned by BHC at March 31, 1998. The interest of UTV shareholders other than BHC in the net income and net assets of UTV is set forth as minority interest in the accompanying condensed consolidated statements of income and condensed consolidated balance sheets, respectively. Intercompany accounts and transactions have been eliminated. The financial information included herein has been prepared by BHC, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. However, BHC believes that the disclosures herein are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in BHC's latest annual report on Form 10-K. The information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods. The results for these interim periods are not necessarily indicative of results to be expected for the full year, due to seasonal factors, among others. Certain prior year amounts have been restated to conform with the 1998 presentation. 2. MARKETABLE SECURITIES: In accordance with Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities", BHC classifies its marketable securities as available- for-sale. At March 31, 1998, BHC's marketable securities, which consisted substantially of U.S. Government securities, had a cost of $1,123,536,000 and a fair value of $1,152,515,000. The difference of $28,979,000 ($17,134,000, net of income taxes and minority interest) is reflected as an increase to shareholders' investment in the accompanying condensed consolidated balance sheet. Of the investments in U.S. Government securities, 100% mature within one year. At December 31, 1997, BHC's marketable securities, which consisted substantially of U.S. Government securities, had a cost of $1,191,173,000 and a fair value of $1,204,776,000. The difference of Page 7 $13,603,000 ($7,949,000, net of income taxes and minority interest) is reflected as an increase to shareholders' investment in the accompanying condensed consolidated balance sheet. 3. UNITED PARAMOUNT NETWORK: In July 1994, BHC, along with Viacom Inc.'s Paramount Television Group, formed the United Paramount Network, a fifth broadcast television network which premiered in January 1995. BHC owned 100% of UPN from its inception through January 15, 1997, when Viacom completed the exercise of its option to acquire a 50% interest in UPN. The purchase price included $155 million in cash (an amount equal to one- half of BHC's aggregate cash contributions to UPN through the exercise date, plus interest), additional cash available for ongoing UPN expenditures, as well as a non-cash contribution of UPN development costs previously incurred by Viacom. UPN distributed $116,261,000 to BHC pursuant to the option exercise, and BHC recorded a net pretax gain on the exercise of $152,224,000 in the first quarter of 1997. BHC and Viacom now share equally in UPN funding requirements and in UPN losses. UPN has been organized as a partnership, and BHC accounts for its partnership interest under the equity method. The carrying value of such interest totalled $3,502,000 at March 31, 1998 and $1,112,000 at December 31, 1997, and is included in Investments in the accompanying condensed consolidated balance sheets. UPN is still in its early development and is expected to continue to incur significant start-up losses and to require significant funding for the next several years. However, BHC believes that the funds from the Viacom option exercise will substantially offset its aggregate UPN funding for 1997 and 1998. UPN's condensed statements of operations are as follows (in thousands): Three Months Ended March 31, ------------------- 1998 1997 --------- --------- Operating revenues* $ 21,203 $ 15,681 Operating expenses* 61,370 47,516 --------- --------- Operating loss (40,167) (31,835) Other income, net 347 702 --------- --------- Net loss $ (39,820)$ (31,133) ========= ========= * With respect to certain of its programming, through August 31, 1997 UPN derived no revenue and incurred no programming expense. 4. SHAREHOLDERS' INVESTMENT: As of March 31, 1998, there were outstanding 18,000,000 shares of Class B common stock, all held by Chris-Craft, and 4,639,004 shares of Page 8 Class A common stock, after reflecting as treasury stock BHC's pro rata interest in its Class A common shares held by UTV and 254,100 Class A common shares purchased by BHC during 1998. At March 31, 1998, 445,900 shares of Class A common stock remain authorized for purchase. In January 1998, BHC's Board of Directors declared a special cash dividend of $1.00 per share on BHC's Class A and Class B common stock. The dividend, totalling $22.7 million, was paid in February 1998. Capital transactions of subsidiary, as set forth in the accompanying condensed consolidated statements of cash flows, reflect purchases by UTV of its common shares totalling $7,010,000 and $2,430,000 in the first three months of 1998 and 1997, respectively, and proceeds to UTV of $2,009,000 and $1,776,000 in the first three months of 1998 and 1997, respectively, from the exercise of stock options. 5. COMPREHENSIVE INCOME: Effective January 1, 1998, BHC adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income." Other comprehensive income (loss) includes only unrealized gains and losses on marketable securities classified as available-for-sale (see Note 2), net of a reclassification adjustment for gains included in net income. Comprehensive income is as follows (in thousands): Three Months Ended March 31, ------------------------ 1998 1997 ----------- ----------- Net income $ 5,998 $ 99,490 Other comprehensive income (loss), net of taxes and minority interest 9,185 (3,647) ----------- ----------- Comprehensive income $ 15,183 $ 95,843 =========== =========== 6. COMMITMENTS: Commitments of BHC's television stations for film contracts entered into but not available for broadcasting at March 31, 1998 aggregated approximately $187.9 million, including $78.8 million applicable to UTV. BHC also has a remaining commitment to invest over time up to $40.6 million ($24.8 million as of May 15, 1998), of which $30.6 million ($14.8 million as of May 15, 1998) is to be invested in management buyout limited partnerships, including $19.8 million ($11.0 million as of May 15, 1998) applicable to UTV. BHC expects to make significant expenditures developing UPN. See Note 3. In 1997, UTV signed a definitive agreement to purchase the assets of UHF television station WRBW in Orlando, Florida, for approximately Page 9 $60 million and possible future consideration. The acquisition is subject to FCC approval and other conditions in the agreement. 7. EARNINGS PER SHARE: Computations of earnings per share are as follows (in thousands of dollars except per share amounts): Three Months Ended March 31, ------------------------ 1998 1997 ----------- ----------- BASIC: - ------ Weighted average common shares outstanding 22,799,535 23,659,541 =========== =========== Net income $ 5,998 $ 99,490 =========== =========== Basic earnings per share $ .26 $ 4.21 =========== =========== DILUTED: - -------- Weighted average common shares outstanding 22,799,535 23,659,541 =========== =========== Net income $ 5,998 $ 99,490 Dilution of UTV net income from UTV stock options (18) (43) ----------- ----------- $ 5,980 $ 99,447 =========== =========== Diluted earnings per share $ .26 $ 4.20 =========== =========== Page 10 BHC COMMUNICATIONS, INC. ------------------------ ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS -------------------------------------------- OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ------------------------------------------------ Liquidity and Capital Resources - ------------------------------- BHC's financial position is strong and highly liquid. Cash and marketable securities totalled $1.38 billion at March 31, 1998, and BHC has no debt outstanding. BHC has expended significant funds developing United Paramount Network since UPN's inception in 1994, but cash flow provided from BHC's operating activities has exceeded such BHC funding of UPN. BHC's operating cash flow is generated primarily by its core television station group. Broadcast cash flow reflects station operating income plus depreciation and film contract amortization less film contract payments. The relationship between film contract payments and related amortization may vary greatly between periods (payments exceeded amortization by $4.3 million in the first quarter of 1998, and amortization exceeded payments by $1.4 million in the corresponding 1997 period), and is dependent upon the mix of programs aired and payment terms of the stations' contracts. Reflecting such amounts, broadcast cash flow in the first quarter of 1998 declined 28%, while station earnings declined only 6%, as explained below. Although broadcast cash flow is often used in the broadcast television industry as an ancillary measure, it is not synonymous with operating cash flow computed in accordance with generally accepted accounting principles, and should not be considered alone or as a substitute for measures of performance computed in accordance with generally accepted accounting principles. BHC's cash flow additionally reflects earnings associated with its cash and marketable securities, which balances declined to $1.38 billion at March 31, 1998, from $1.49 billion at December 31, 1997. Such decline primarily reflects the $80.3 million television station acquisition, described below, as well as treasury stock purchases and the payment of a special dividend. Operating cash flow for the first quarter of 1998 declined to $47.1 million from $62.0 million, primarily because the 1997 amount includes a $17.1 million refund of prepaid broadcast rights. A special cash dividend of $1.00 per share, aggregating $22.7 million, was paid in February 1998. A similar $1.00 per share special dividend, aggregating $23.6 million, was paid by BHC in February 1997. BHC plans to consider annually the payment of a special dividend. Page 11 Since April 1990, BHC's Board of Directors has authorized the purchase of up to 7,081,087 Class A common shares. Through March 31, 1998, 6,635,187 shares were purchased for a total cost of $488.2 million, including $34.7 million in 1998. From 1993 through March 31, 1998, UTV purchased 1,454,376 of its common shares at an aggregate cost of $94.1 million, of which $7.0 million was expended in the first quarter of 1998, and, at March 31, 1998, 729,649 UTV shares remained authorized for purchase. In January 1998, UTV purchased the assets of UHF television station WHSW, Channel 24, in Baltimore, Maryland for $80 million in cash. The station's call letters were changed to WUTB and the station became a UPN affiliate. UTV has signed a definitive agreement to purchase the assets of WRBW in Orlando, Florida, for approximately $60 million and possible future consideration. UTV expects to use a portion of available cash and marketable securities balances to complete this transaction, which is subject to Federal Communications Commission approval, as well as satisfaction of certain conditions. BHC intends to further expand its operations in the media, entertainment and communications industries and to explore business opportunities in other industries. BHC believes it is capable of raising significant additional capital to augment its already substantial financial resources, if desired, to fund such additional expansion. In July 1994, BHC, along with Viacom Inc.'s Paramount Television Group, formed UPN, a fifth broadcast television network which premiered in January 1995. BHC owned 100% of UPN from its inception through January 15, 1997, when Viacom completed the exercise of its option to acquire a 50% interest in UPN. The purchase price included $155 million in cash (an amount equal to one-half of BHC's aggregate cash contributions to UPN through the exercise date, plus interest), additional cash available for ongoing UPN expenditures, as well as a non-cash contribution of UPN development costs previously incurred by Viacom. UPN distributed $116.3 million to BHC following the closing and BHC recorded a net pretax gain of $152.2 million on the transaction in the first quarter of 1997. BHC and Viacom now share equally in UPN losses and funding requirements. UPN, still in its early development, incurred start-up losses of $170.2 million in 1997, $146.3 million in 1996 and $129.3 million in 1995, and is expected for the next several years to continue to incur substantial start-up losses and to require significant funding. BHC funding of UPN totalled $22.3 million in the first quarter of 1998. BHC's television stations make commitments for programming that will not be available for telecasting until future dates. At March 31, 1998, commitments for such programming totalled approximately $187.9 million, including $78.8 million applicable to UTV. BHC also has a remaining commitment to invest over time up to $40.6 million ($24.8 million as of May 15, 1998), of which $30.6 million ($14.8 million as Page 12 of May 15, 1998) is to be invested in management buyout limited partnerships, including $19.8 million ($11.0 million as of May 15, 1998) applicable to UTV. BHC capital expenditures generally have not been material in relation to its financial position, and the related capital expenditure commitments at March 31, 1998 (including any related to UPN) were not material. BHC currently expects that during 1998 some of its stations will begin converting to digital television. This conversion will require the purchase of digital transmitting equipment to telecast over newly assigned frequencies. This conversion is expected to take place over a number of years and will proceed as market conditions require. BHC expects that its expenditures for UPN, future film contract commitments and capital requirements for its present business, including the cost to convert to digital television, will be satisfied primarily from operations, marketable securities or cash balances. Results of Operations - --------------------- BHC net income for the first quarter of 1998 declined to $5,998,000, or $.26 per share ($.26 per share diluted), from net income in last year's period of $99,490,000, or $4.21 per share ($4.20 per share diluted). The decline in net income primarily reflects the pretax gain of $152,224,000 recorded in January 1997 upon Viacom's acquisition of its UPN interest. Operating income in the first quarter declined 23%, to $13,387,000 from last year's $17,492,000, reflecting the decline, to $2,221,000 from $4,063,000, in earnings at BHC's production subsidiaries, a $1,300,000 increase in expense associated with stock price based retirement plans and an operating loss at recently acquired station WUTB, which has been converted from its former Home Shopping Network format into a UPN affiliate. Earnings at BHC's core television station group declined 6% in the quarter, to $20,224,000 from $21,550,000, but would have risen 5% had it not been for the retirement plan expense and the WUTB loss. Station operating revenues declined slightly, to $97,624,000 from $99,243,000, but that decline was offset by a 4% reduction in station programming expense. The UPN equity loss recorded in BHC's financial statements totalled $19,910,000, compared to $17,898,000 in last year's first quarter. UPN is still in its early development and is expected for the next several years to continue to incur substantial start-up losses. Interest and other income, which totalled $20,054,000, compared to $20,008,000 in 1997, consists mostly of amounts earned on BHC's cash and marketable securities holdings. Page 13 BHC's effective income tax rate declined to 36% in 1998 from 40% in 1997, reflecting the recognition of certain income tax credits. Minority interest reflects the interest of shareholders other than BHC in the net income of UTV, 59% owned by BHC at March 31, 1998 and March 31, 1997. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ------------------------------------------------------------------ Not applicable. Page 14 BHC COMMUNICATIONS, INC. ------------------------ PART II. OTHER INFORMATION -------------------------- Item 6. Exhibits and Reports on Form 8-K. --------------------------------- (a) The following exhibits are filed herewith: Exhibit No. Description ----------- ----------- 27 Financial Data Schedule (b) No report on Form 8-K was filed during the quarter for which this report is filed. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BHC COMMUNICATIONS, INC. ------------------------ (Registrant) By: /s/ JOELEN K. MERKEL ----------------------------- Joelen K. Merkel Vice President and Treasurer (Principal Accounting Officer) Date: May 15, 1998 Page 15 EXHIBIT INDEX Incorporated by Reference to: Exhibit No. Exhibit - ------------- ----------- ------- 27 Financial Data Schedule EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10Q DATED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1000 3-MOS DEC-31-1998 MAR-31-1998 231344 1152515 75231 5017 0 1563050 146810 100182 2069871 198176 0 0 0 230 1680021 2069871 0 99575 0 86188 0 0 0 13531 4900 5998 0 0 0 5998 .26 .26
-----END PRIVACY-ENHANCED MESSAGE-----